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What is The Credit Card Eligibility For a Salaried Person?

As a salaried, you must be looking for a credit card that can meet your spending requirement and provide you great benefits. But before doing that, you should check your credit card eligibility. Yes, credit card eligibility, because it helps you know what could be your credit limit, will your application be approved or rejected, etc. So until now, all your focus must be on credit card features, but now you must be thinking, Am I Eligible for Credit Cards? Don’t worry, read this article and know more about credit card eligibility. 

Credit Card Eligibility Based on Applicant Age

A credit card is a big responsibility for you because if you haven’t paid your bill regularly, you could be burdened with a lot of debt. And in this, your age matters, as only an adult can handle his/her finances smartly and know the value of money. The minimum age to buy a credit card in India is 18 years and the add-on facility of your credit cards follow the same age criteria. 

Is My Income Sufficient as per Credit Card Eligibility?

For salaried applicants, the biggest advantage is that their income is regular and the lender can evaluate the credit limit easily based on his/her annual income and current obligations. The income criteria are not fixed and it may vary based on the type of credit cards you apply for or the lender from which you are buying the credit card. So do check the bank or NBFC credit card income criteria before you apply, to see whether you are worthy of it or not.

Payment History

If you have a credit history, it can be either good or bad for you. Because if you have a credit history of default and due payment, your credit card application is going to be rejected. On the other hand, if your credit history shows that you have paid the loan and credit card bill without any due, it can work in your favor and you will get instant approval. 

How to change credit history? To change your payment history, you need to repay the due amount with the applicable interest. And once you do this, the bad repayment record will be removed from your credit report. And to check this, you can visit any of the online credit bureaus. Because you can do a free credit report check online.

Where Do You Live?

The customer’s residence state/city also matters in his/her credit card eligibility, because if a customer belongs to a rural area, his/her source of income is limited. Whereas if a customer lives in an urban area, there would be a lot of job opportunities. It means an individual is likely to make a repayment default if he/ she lives in a rural area.

What do You understand?

So from all this, we all must conclude that buying credit cards without checking the eligibility criteria can be dangerous both to the customer and his/her credit report. Because whenever your loan or credit card application is rejected, it leaves a bad impact on your credit history which can cause complications to your future loans and credit cards approval.
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